Independent Bank Co.(MI) (NASDAQ:IBCP)‘s stock had its “hold” rating restated by equities researchers at Boenning Scattergood in a research report issued on Thursday.
Several other brokerages have also recently commented on IBCP. Compass Point raised Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $24.00 target price on shares of Independent Bank Co.(MI) in a research report on Friday, December 8th. Finally, Zacks Investment Research raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Independent Bank Co.(MI) has an average rating of “Hold” and a consensus price target of $23.33.
Shares of Independent Bank Co (NASDAQ IBCP) opened at $22.55 on Thursday. The firm has a market capitalization of $489.61, a price-to-earnings ratio of 19.78, a PEG ratio of 2.43 and a beta of 0.70. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.84 and a current ratio of 0.86. Independent Bank Co has a one year low of $18.50 and a one year high of $23.65.
Several large investors have recently made changes to their positions in IBCP. SG Americas Securities LLC purchased a new stake in shares of Independent Bank Co.(MI) during the third quarter worth $149,000. Sei Investments Co. purchased a new stake in shares of Independent Bank Co.(MI) during the second quarter worth $268,000. Alliancebernstein L.P. purchased a new stake in shares of Independent Bank Co.(MI) during the second quarter worth $298,000. Voya Investment Management LLC raised its holdings in shares of Independent Bank Co.(MI) by 7.7% during the second quarter. Voya Investment Management LLC now owns 17,313 shares of the financial services provider’s stock worth $377,000 after acquiring an additional 1,243 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its holdings in shares of Independent Bank Co.(MI) by 37.6% during the second quarter. Parametric Portfolio Associates LLC now owns 17,995 shares of the financial services provider’s stock worth $391,000 after acquiring an additional 4,919 shares in the last quarter. Institutional investors and hedge funds own 81.66% of the company’s stock.
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Independent Bank Co.(MI) Company Profile
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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